Income Tax and GST
Advanced income tax computation and basic framework of Goods and Services Tax (GST). Browse module-wise notes, preview available PDF resources, and use the related links on this page to move between nearby subjects and study guides.
Chapter Wise Notes
Quick Revision Notes
Condensed subject notes covering all modules for efficient revision and concept review.
Module 1 - Assessment of Individuals and Firms
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Module 2 - Income Tax Authorities and Assessment Procedure
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Module 3 - GST Framework, Registration, and Supply Concepts
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Module 4 - Input Tax Credit (ITC) and GST Returns
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About This Subject
Income Tax and GST is a core subject in BCom Semester 6 under the Calicut University FYUGP 2024 curriculum. This course builds on the income tax fundamentals from Semester 5 and introduces the Goods and Services Tax (GST) framework. Students study advanced income tax topics including assessment of firms and companies, income tax authorities, assessment procedures, and appeals. The GST portion covers the constitutional framework, supply concepts, registration, input tax credit, returns filing, and the GST Council structure. This subject provides comprehensive knowledge of India's direct and indirect tax systems, preparing students for careers in tax advisory, compliance, and accounting practice.
Key Topics Covered
- Assessment of individuals: comprehensive computation and tax planning
- Assessment of firms: partnership deed provisions and tax computation
- Income tax authorities: hierarchy, powers, and functions
- Assessment procedure: self-assessment, scrutiny, best judgment, and reassessment
- Appeals and revisions under the Income Tax Act
- GST: constitutional framework, GST Council, CGST, SGST, and IGST
- Supply under GST: meaning, types, time, place, and value of supply
- GST registration: threshold, process, and compulsory registration
- Input Tax Credit (ITC): eligibility, conditions, and blocked credits
- GST returns: types (GSTR-1, GSTR-3B), filing process, and due dates
Learning Outcomes
- Compute tax liability for individuals and partnership firms.
- Understand the powers and functions of income tax authorities.
- Navigate assessment and appellate procedures under income tax law.
- Explain the GST framework including supply, registration, and rate structure.
- Apply input tax credit rules and file GST returns.
- Analyze the integration of direct and indirect taxes in India's tax system.
Exam Preparation Tips
For the Income Tax portion, practice full computation problems for firms (including salary, interest, and remuneration to partners). Know the assessment procedures and the difference between scrutiny and best judgment assessment. For GST, memorize the supply definition and the conditions for ITC eligibility. Understand CGST, SGST, and IGST applicability based on intra-state and inter-state transactions. Know the GST registration threshold limits and compulsory registration cases. Practice writing about the GST Council composition and functions.
Frequently Asked Questions
What is Income Tax and GST about?
It covers advanced income tax assessment, tax authorities, assessment procedures, and the complete GST framework including supply, ITC, and returns.
Which semester includes this subject?
It is taught in BCom Semester 6 under the Calicut University FYUGP 2024 curriculum.
How many modules are included?
The syllabus has 4 modules covering individual/firm assessment, tax authorities, GST framework, and ITC/returns.
Is this subject numerical?
It has both numerical (tax computation) and theoretical (GST law) components.
Where can I find notes for this subject?
Module-wise PDF notes are available for free on the DegreeLive Income Tax and GST subject page.
Related Subjects
Explore notes for other subjects in Semester 6 of BCom: